By Yasin Ebrahim
Investing.com - U.S. oil stockpiles fell sharply last week along with product inventories amid ongoing signs of supply tightness in the wake of the production cuts by major oil producers.
U.S. crude inventories fell by 4.26 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 5.27 million barrels the previous week. Cushing inventory slipped by 1.89 million barrels, while gasoline inventories fell by 240,000 barrels and distillate stocks declined by 1.62 million barrels.
Crude Oil WTI Futures, the U.S. benchmark for oil, rose $1.52 after settling up $1.21 cents at $54.76 per barrel.
The official government report due Wednesday is expected to show weekly U.S. crude supplies increased by about 446,000 barrels last week.